Basement apartments (or secondary suites) - Legal vs. Non-legal
When it comes to basement apartments or secondary suites, understanding the difference between legal and non-legal units is crucial. Here’s a quick comparison to help you navigate the key aspects of each type. Knowing these details can make a big difference in both the buying and selling processes, as well as how the property is valued and managed.
Basement apartments (or secondary suites) - Legal vs. Non-legal
The city has its reasons, and new additions should be built up to code, as it’s only for the owner’s and tenant’s own safety that these criteria’s are in place. Not all secondary units are built with the proper permits due to the restrictions the city imposes. Nevertheless, homeowners take the risk when renovating homes and not choosing to go the legal route because typically it adds good value to the property. Buyers also take the risk purchasing a non-legal basement apartment but the pro of having a secondary suite is that it helps with the mortgage. You should consult a lawyer, the city, and a contractor before making any decisions to build a secondary suite.
In the end, whether you're buying, selling, or adding a secondary suite, it's essential to weigh the pros and cons of legal vs. non-legal units. Always ensure you're fully informed and consult the right professionals to make the best decision for your situation.
Check out this video where I discuss the ins and outs of legal vs. non-legal basement apartments with lawyer Ali Nobahar, from Obazee Nobahar LLP. We dive into the key differences and what to keep in mind when considering either option!
Got questions or need advice on navigating the GTA real estate market? Feel free to reach out—I'm here to help!
Disclaimer: This content is not be to relied upon as legal advice as it is for informational purposes only. Please contact Ali Nobahar should you wish to receive a legal opinion on your matter.
